Principal Financial Group Inc. Boosts Stake in Cytokinetics, Incorporated $CYTK

Principal Financial Group Inc. lifted its position in Cytokinetics, Incorporated (NASDAQ:CYTK) by 11.9% in the first quarter, Holdings Channel reports. The firm owned 1,093,485 shares of the biopharmaceutical company’s stock after acquiring an additional 116,593 shares during the period. Principal Financial Group Inc.’s holdings in Cytokinetics were worth $72,072,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CYTK. Bank of Montreal Can lifted its stake in Cytokinetics by 1.2% in the fourth quarter. Bank of Montreal Can now owns 13,292 shares of the biopharmaceutical company’s stock valued at $845,000 after buying an additional 160 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Cytokinetics by 1.2% in the 4th quarter. Kennedy Capital Management LLC now owns 13,183 shares of the biopharmaceutical company’s stock valued at $838,000 after acquiring an additional 162 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Cytokinetics by 46.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 543 shares of the biopharmaceutical company’s stock valued at $35,000 after purchasing an additional 171 shares during the last quarter. Vident Advisory LLC raised its position in Cytokinetics by 1.4% in the 4th quarter. Vident Advisory LLC now owns 16,455 shares of the biopharmaceutical company’s stock valued at $1,046,000 after purchasing an additional 234 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in Cytokinetics by 6.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,723 shares of the biopharmaceutical company’s stock worth $237,000 after purchasing an additional 239 shares during the period.

Analysts Set New Price Targets

Several research analysts have issued reports on CYTK shares. Needham & Company LLC reissued a “buy” rating and set a $102.00 price objective on shares of Cytokinetics in a research report on Wednesday, June 17th. Barclays increased their target price on shares of Cytokinetics from $87.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, April 6th. Wall Street Zen raised Cytokinetics from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Stifel Nicolaus boosted their price target on Cytokinetics from $98.00 to $108.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, UBS Group upgraded Cytokinetics from a “neutral” rating to a “buy” rating and lifted their target price for the company from $69.00 to $115.00 in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Cytokinetics has an average rating of “Moderate Buy” and an average target price of $99.90.

Insider Transactions at Cytokinetics

In other Cytokinetics news, EVP Sung Lee sold 1,112 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $87.79, for a total value of $97,622.48. Following the completion of the sale, the executive vice president owned 63,221 shares of the company’s stock, valued at approximately $5,550,171.59. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Fady Ibraham Malik sold 3,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $86.62, for a total transaction of $303,170.00. Following the sale, the executive vice president owned 153,902 shares in the company, valued at $13,330,991.24. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 135,536 shares of company stock valued at $10,046,609. 2.60% of the stock is owned by company insiders.

Cytokinetics Stock Down 2.7%

Shares of NASDAQ:CYTK opened at $80.36 on Friday. Cytokinetics, Incorporated has a 52 week low of $32.89 and a 52 week high of $88.31. The company has a 50-day moving average price of $77.99 and a 200 day moving average price of $69.10. The company has a market cap of $10.00 billion, a P/E ratio of -11.75 and a beta of 0.42.

Cytokinetics (NASDAQ:CYTK) last released its earnings results on Tuesday, May 5th. The biopharmaceutical company reported ($1.67) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.67). The business had revenue of $19.36 million for the quarter, compared to analyst estimates of $8.52 million. The business’s revenue for the quarter was up 1112.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.36) EPS. Analysts expect that Cytokinetics, Incorporated will post -6.22 EPS for the current year.

Cytokinetics Company Profile

Cytokinetics, Inc is a late‐stage biopharmaceutical company focused on the discovery and development of novel small‐molecule therapeutics that modulate muscle function. Founded in 1998 and headquartered in South San Francisco, California, the company applies its proprietary insights in muscle biology to address diseases characterized by impaired muscle performance. Its research spans both cardiac and skeletal muscle targets, aiming to deliver innovative medicines for conditions with significant unmet medical need.

The company’s most advanced program, omecamtiv mecarbil, is being evaluated for the treatment of heart failure by enhancing cardiac muscle contractility.